• by Sarah Mahoney  @mahoney_sarah, January 10, 2011

Target says it chopping the cost of an iPhone to $49—down from $99—in many of its stores, matching the price cut from AT&T earlier this week. Target says the promotion is

part of its Electronics Trade-In service: Customers can trade in a used cell phone for credit towards any Target purchase, including the 8GB 3GS iPhone. "This promotion offers Target's guests a tremendous value on one of the most popular electronics products in our store," the Minneapolis-based chain says in its release. The offer is limited to the 846 Target locations that currently have a Target Mobile department.